Fonterra unveils divestment plan
Fonterra is exploring full or partial divestment options for its global Consumer business, as well as its integrated businesses Fonterra Oceania and Fonterra Sri Lanka.
Fonterra chair Peter McBride has been named the new chair of Australia's largest fresh fruit, vegetable and cut flowers trader.
McBride says taking the chairmanship of Sydney Markets Ltd is an honour.
"I've spent a significant amount of my governance career in agribusiness, particularly large exporters and cooperatives," he says. "I look forward to working alongside shareholders and my fellow directors to bring the transformative change that is required to ensure the continuation of Sydney Markets' legacy."
McBride succeeds John Pearson, who retired in 2023 after serving as chair of SML for almost 19 years.
SML says McBride joins the company with "extensive leadership experience".
As well as chair of Fonterra, he is also a director of Sequal Lumber Ltd, a member of the New Zealand China Council and the Zespri Global Supply Advisory Board.
His previous governance roles include being a director and then chairman of Zespri International - the world's largest marketer of kiwifruit and a director of the New Zealand International Business Forum.
SML says McBride's proven track record of delivering shareholder value and international agribusiness experience make him an ideal leader for its next phase of growth.
SML is a "one-stop-shop" with produce, packaging, exporters, providores, food processors, warehouses, unloading services, cafés and agricultural supplies all on site.
SML's three businesses, Sydney Produce Market, Sydney Flower Market and Sydney Growers Market, comprise more than 700 businesses that sell fresh fruit, vegetables and cut flowers supplied by over 20,000 local and interstate growers.
Sydney Produce Market is the largest fresh fruit and vegetable wholesale market in Australia and one of the largest in the world, catering to professional buyers from supermarkets, restaurants, greengrocers, exporters and food processors.
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.
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